Help with First Time Homebuyers Credit

[danders2]

We bought a new house back in February of 2009. Originally we realized that we did not qualify for the first time homebuyers credit.

I'm not sure how, but we were unaware the legislation changed in November to include long time residences. So now if you owned your home for 5 consecutive years before you bought the new home, you qualify. That fits our situation.

My question is, is that only if you bought your home after the legislation changed, and is the credit the full 8,000 or is it just 6,500 as I have also heard? Just trying to get a good grip on how much to expect to get back on my taxes. There are a lot of unfinished projects with the new house that this money could be very helpful on!

Thanks so much!

 

[mrsheppo]

I believe you had to purchase your home after November 6, 2009 to qualify for the credit. We closed on October 2 and we are ineligible for the $6,500 Longtime Homeowners Credit.

 

[Cheshire Figment]

If you go to this link http://www.irs.gov/newsroom/article/0,,id=206293,00.html on the IRS web site you will be able to get detailed answers.

 

[DisneySouvenir]

http://www.federalhousingtaxcredit.com/faq1.php

you can also google 8000 tax credit, and it will send you to a myriad of resources.

 

[Tnkrbelle565]

We bought a new house back in February of 2009. Originally we realized that we did not qualify for the first time homebuyers credit.

I'm not sure how, but we were unaware the legislation changed in November to include long time residences. So now if you owned your home for 5 consecutive years before you bought the new home, you qualify. That fits our situation.

My question is, is that only if you bought your home after the legislation changed, and is the credit the full 8,000 or is it just 6,500 as I have also heard? Just trying to get a good grip on how much to expect to get back on my taxes. There are a lot of unfinished projects with the new house that this money could be very helpful on!

Thanks so much!

Sorry...you had to have bought your new home after the legislation passed in November (between 11/09-5/10) to qualify

 

[mom2val]

From the IRS Website:



Q. I understand that even if I have previously owned a home, I may be eligible for the homebuyer credit. Can you explain the rules?

A. If you are a long-time resident and owner of the same main home and you buy a new home, the law may allow you to claim the homebuyer credit. You must buy your new home after Nov. 6, 2009, and before May 1, 2010. Alternatively, if you sign a binding contract on or before April 30, 2010, you must purchase or close on the new home on or before June 30, 2010. If you claim the credit as a long-time resident of the same main home, please provide documentation showing you lived in that home for a five-consecutive-year period during the eight years ending on the date you buy the new home. (1/26/10)

 

[kayladan04]

Yep you had to of bought your house after 11/06/09. Stinks doesn't it?? I really could have put that $6500 to good use on a Disney cruise!!

 

[JayhawkMomma]

OMG! Thanks to this thread I went and read the requirements and it turns out we DO qualify! I was positive that we didn't since we sold our old house in June (after 8.5 years) and didn't close on the new one until November 12! I'm doing a happy dance in my bedroom right now!!!